This paper examines the incentive structure underlying the current features of bank regulation. We show that capital regulation has limited effectiveness, given the observed high leverage ratios of banks. We propose instead a more direct and effective mechanism of influencing incentives through...

We formulate several testable hypotheses on managerial motivation and test our hypotheses by using a sample of 128 organizational form changes in the real estate industry. We find that firms that switch to a more restrictive (tighter) organizational structure have increases in stock value, and...

We investigate the impact of bankruptcy codes on firms' capital-structure choices. We develop a theoretical model to identify how firm characteristics may interact with the bankruptcy code in determining optimal capital structures. A novel and sharp empirical implication emerges from this model:...

Front Cover -- International Corporate Governance and Regulation -- Copyright Page -- Contents -- List of Contributors -- Climate Policies with Burden Sharing: The Economics of Climate Financing -- Introduction -- Theoretical Background -- Intergenerational Burden Sharing -- Climate Justice --...

FRONT COVER -- ADVANCES IN FINANCIAL ECONOMICS -- COPYRIGHT PAGE -- CONTENTS -- LIST OF CONTRIBUTORS -- THE INCREASE IN CEO PAY AFTER LARGE INVESTMENTS: IS IT PURELY RENT EXTRACTION? -- INTRODUCTION -- HYPOTHESES DEVELOPMENT -- SAMPLE FORMATION -- EMPIRICAL ANALYSES -- CONCLUSION -- NOTES --...

Front Cover -- Global Corporate Governance -- Contents -- List of Contributors -- Financial Performance and the Competitive Effects of Corporate Social Responsibility -- Introduction -- Motives for Joining the Children's Food and Beverage Initiative -- Altruism -- Avoid Regulation -- Feel Good...